Madras High Court
M/S.Bluemoon Textiles Limited vs Indian Overseas Bank on 6 February, 2015
Author: S.Tamilvanan
Bench: Sanjay Kishan Kaul, S.Tamilvanan
BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT DATED: 06.02.2015 Coram THE HONOURABLE Mr.SANJAY KISHAN KAUL, The Chief Justice and THE HONOURABLE Dr.JUSTICE S.TAMILVANAN Writ Petition (MD) No.10555 of 2011 and M.P.(MD)Nos.1 and 2 of 2011 M/s.Bluemoon Textiles Limited, Formerly known as paramount Yarns Private Ltd., No.70-E, 2nd Street, Kamarajarpuram, Thirumangalam, Madurai-625 706, through its Director. ... Petitioner vs. 1.Indian Overseas Bank, Madurai Main Branch, No.135, Palace Road, Madurai-625 001, through its Chief Manager. 2.M/s.Asset Reconstruction Company (India) Limited (ARCIL), shreepathi Arcade, August Keranti Marg, Nana Chowk, Mumbai-400 036. 3.M/s.ITCOT Consultancy and Service Limited, A company registered under the Companies Act, Having its Registered Office at No.50 A, Greams Road, Chennai-600006. ... Respondents Writ Petition filed under Article 226 of the Constitution of India, praying for issuance of a writ of certiorarified mandamus, calling for the records relating to the notice dated 07.11.2009, issued under Section 13(2) of the Act and the Consequential order, dated 07.12.2009, under Section 13(3- A) of the SARFAESI Act on the file of the 2nd respondent and quash the same and forbearing the respondents 1 to 3 in anyway proceeding further by way of taking possession or by making sale of the properties invoking the provisions under the SARFAESI Act in respect of the properties mentioned in annexure 2 of the impugned notice under Section 13(2) of SARFAESI Act, dated 07.11.2009. !For Petitioner : Mr.M.P.Senthil - No appearance. ^For Respondent-1 : Mr.M.Senthilkumar :ORDER
(Order of the Court was made by The Hon'ble Chief Justice) The petition seeks to pre-empt any action by the respondents, who had issued notice under Section 13(2) of SARFAESI Act, dated 07.11.2009. On such notice being issued, the manner in which to be proceeded further are provided under the SARFAESI Act itself, as enunciated by the Apex Court in Mardia Chemicals Ltd. vs. Union of India, reported in (2004) 4 SCC 311.
2.The petition is thus dismissed, with liberty to avail all the appropriate remedies, in accordance the aforesaid judgment and Act. No costs. Connected miscellaneous petitions are closed.
Index:yes/no (S.K.K.,CJ) (S.T.,J)
Internet:yes/no. 06.02.2015
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The Hon'ble Chief Justice
and
S.TAMILVANAN,J
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Order in
W.P.(MD)No.10555/2011
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MP(MD)Nos.1&2/2011
Dated:06.02.2015